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saudi arabia? could an abundance of shale oil in the u.s. actually bring about energy independence by the year 2020? we drill for the truth straight ahead. and how rich is rich? the president wants higher taxes for americans earning more than $250,000 a year. is that fair? or should that number actually be $1 million? and could this be the key to resolving the looming fiscal cliff? that and a lot more is still to come on the "closing bell." >>> if a budget is not agreed upon to avoid the fiscal cliff, the average middle class family will pay $2,000 more in taxes. >> that's right. crunch time is upon us. the markets and economy will be held hostage until lawmakers do reach a deal on the fiscal cliff, presumably between now and the end of the year. >> eamon javers is breaking down the plan. over to you. >> just before the break, you and bill were debating whether or not it's too early to start getting sweaty palms about in fiscal cliff problem in washington. as a guy covering capitol hill for almost 20 years, i can tell you it's never too early to panic about what washington might do
. let's check out latest news in energy and metals and go to sharon epperson at the nimax. >> the markets are jittery here. we have wti oil prices below $86 an oil and brent crude jumping up toward the 110 level. bob outlined the concerns about going over the fiscal cliff and what that means for the u.s. economy and what ripple effects it will have globally. there's also of course concern about what's going to come of the eu finance ministers meeting over greece and that's going to be an impact on the markets and we have geopolitics and israel saying they won't take direct hits from syria. that is something that the market has been watching very closely as well. the big story that has long-term ramifications for the u.s. oil industry and for the global energy trade is definitely the report today from the international energy agency where they said that they believe that the u.s. will become the top oil producer in the world by 2020. overtaking saudi arabia. overtaking russia and the fact that u.s. will be self-sufficient by 2035. this is a huge sea change in the debate tha
in equity prices on the prospects of a fiscal cliff aversion, energy and technology. technology is down double digits. energy fell off as oil prices fell down to the mid-80s, somewhat toward an uptick. >> gentlemen, thank you all. arthur, good to see you on set with us. >> thank you very much. >> thank you for joining us today. we call this fiscal cliff investing. bertha coombs joins us with the potential winners and losers in how investors can play all this with a fiscal cliff portfolio. >> and they've been doing it already. if the president and congress fail to reach a deal on the fiscal cliff the expectation is that stocks will be the big loser. defense stocks in particular with a prospect of massive budget cuts starting january 1st. now, they've been hard hit since the election, turning around a bit today. cnbc looked at a portfolio of etfs that correlate with the moves in the market on the fear of hitting fiscal cliffs in particular sectors, including etfs that short stocks, negative bets on the market, like the ultrashort s&p eft. down all year, its been a gainer since the electio
. middle east tensions having an impact on energy markets. let's go to the nimax. >> oil prices with a risk on day in the energy complex today. as you mention tensions in the middle east are a big issue. it's not so much the conflict that we're seeing in israel and gaza but you have the surrounding areas that are oil producers and post-arab spring it's a timber box that people are concerned could be ignited by conflict that we're seeing and there's no sign that conflict is easing up. impact on oil prices reflecting that geopolitical premium and it's winter so we'll see demand increases in the u.s. and china as well. wti up about 2%. same thing that we're seeing in brent. brent prices driving the heating oil and gas price higher. we're seeing a dip this morning in natural gas of course the e geopolitical issue not a big issue there. traders talking about the fiscal cliff this morning hoping to see some sort of a compromise. back over to you. >> thanks for that. if you think planning your black friday will give you an advantage this year, watch out. it turns out people are already starting
energy. sd. >> not unlike magnum hunter being challenged by a big holder. tom ward has cobbled together a lot of about good properties for sandridge, but oil needs to be up big for this thing to work and oil's not. so the stock is going to languish and lose points. let's go to joe in maine. joe! >> caller: yes. hi, jim. my stock is arena pharmaceuticals. arna. >> even in a good market, i don't want to own arena because it's got competition from vivus and because i don't believe in the diet pill drugs. but in a bad market you've got a chance to sell and you should do that. jim in arizona. >> caller: ak steel. >> when this stock was higher i said sell sell sell. the company argued its case to me. i said okay, i'll present the other side. the other side, their case was wrong. the stock is going lower. it's very difficult to own a steel stock, even nucor. i don't want to touch it. let's go to grant in hawaii. grant. >> caller: bwa. borg warner and considering buying more -- >> i want you to hold off on that. why? because borg warner happens to be the parts company i believe is most levered
Search Results 0 to 4 of about 5